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Bharti Hexacom has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for proposed Initial Public Offering (IPO) for the offer by Telecommunications Consultants India Limited.

Bharti Hexacom is a subsidiary of Bharti Airtel.

“We wish to inform you that board of directors of the company at its meeting held on Friday, January 19, 2024 have approved the IPO of equity shares of face value Rs 5 each comprising of an OFS of up to 100,000,000 equity shares (representing 20 per cent of the paid-up share capital of the company) by Telecommunications Consultants India Ltd, subject to such variation as permitted under applicable law,” Bharti Hexacom said.

The IPO will not include any fresh issuance of equity shares and will be carried out subject to the necessary approvals and market conditions. The company will not get any proceeds from the IPO because it is an OFS.